11 July 2016 – Valencia Plaza
The international fund Invesco has invested around €30 million in a 15,000 sqm residential development in Valencia. The chosen site is the Ciudadela building, which has been used as office space until now, and which has been purchased from the company Ciudadela in a transaction brokered by Olivareas Consultores. The building is located between Cronista Carreres and Paseo de la Ciudadela, overlooking the river.
According to the Director of the Residential Sector at Olivares Consultores, José Ramón Ballesteros, who is marketing the homes, this project will involve the construction of 58 homes of varying sizes, with between two and five bedrooms. Finished to a very high standard, the building will have a gym and solarium for exclusive use of the residents. The homes will be sold to the public for between €3,000/sqm and €3,200/sqm.
This investment comes after years of small investments by funds…During the month of September, the prices and plans will be made available, although a high number of reservations have already been placed. Invesco is one of the most important investment management funds in the world, with assets under management worth more than USD 800,000 million.
This residential development is just another example of the on-going reactivation of the property market in the city of Valencia. The Zriser Group, the investment arm of the Valencian entrepreneurs Ana and Pablo Serratosa, are also selling a complex of luxury homes off-plan, located at number 11, Avenida de Francia. The complex, which represents the firm’s first foray into urban development, is called Llum Plaza and will be constructed next to the Hotel Barceló, on a plot of land that the company acquired in 2014, according to sources from the Zriser Group. That development contains 34 three- and four-bedroom homes and has already seen strong demand.
Sareb has also launched two developments in the city of Valencia, which will add a total of 118 new homes. The plots of land owned by the bad bank are located on Calle Río Escalona – between Avenida del Puerto and Paseo de la Alameda – and on Avenida Alfahuir.
Original story: Valencia Plaza (by Esfefanía Pastor)
Translation: Carmel Drake